Quarterly Report - 3/31/2012

Ron Baron critiques the current political environment and describes how Baron research meetings are used to evaluate management. Linda Martinson explains Baron’s approach to investing in technology companies.

Baron Emerging Markets Fund Quarterly Report – 12/31/2011

The Fund’s Shareholder Letter discusses Fund performance for the quarter and for the year (including companies that contributed to and detracted from performance), portfolio structure, recent activity and outlook.

Investor Newsletter

Lead article features Alex Umansky and his arrival to Fifth Avenue. Jeff Kolitch discusses Douglas Emmett and Michael Kass discusses the changing tastes of the growing middle class in emerging-market countries. Jamie Stone is introduced as the portfolio manager of Baron Energy and Resources Fund.

Quarterly Report - 12/31/2011

In our latest Quarterly Report, Ron Baron says the current economic environment presents a rare chance to make advantageous investments. Linda Martinson explores why investors often act against their own best interests.

Investor Newsletter

Health care information technology is shaping up as one of the bright spots in a year that so far has been marked by economic uncertainty and increasing market volatility. Also highlights Baron Real Estate Fund's investment in Wyndham Worldwide and Baron International Growth and Baron Emerging Markets Funds' investment in Qihoo 360 Technology Co.

You should consider the investment objectives, risks, charges, and expenses of any of the Baron Funds carefully before investing. The prospectus contains this and other information about Baron Funds. You may obtain one from its distributor, Baron Capital, Inc., by calling 1-800-99BARON or click here. Please read it carefully before investing.